The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-10-14
THE BANKERS WISDOM.
Yesterdays SESSION OF THE
AMERICAN ASSOCIATION.
Able Addresses aud RcsoIutions Deal
ing with National Finances Logan
. q. Murray Elected President = The
Other Officers.

PIrTsBuRG, Pa, Oct. l3.It was nearly
II o'clock when the convention Of the
American bankers association was called
TO order this morning by President Muir
ray. There was u noticeable increase in
attendance, large number Of delegates
having arrived since the close Of yester-
days session.
After the usual opening exercises the fol-
lowing resolutions were offered and re-
fcrrcd To the executive council:
BY Judge Ewing, Of Pcnnsylvania:
Resolved That We favor a mpd extinguishmcnt
Oi the public debt, and therefore recommend tho
continued purchase by the Secretary OF the Treas
consider a reduction u ihc revenues wholly un-
| necessary, incNpcdcnt and unwisc Let the sur
| plus be- promptly aud constantly applied 10 tho
liquidation OF Tie debt and let tho aciion Of tho
tpnsury in the work ui buying the bonds lie further
| regulated, systematHcd aud controlled by nddi-
| tiOnRl legislation.
By W. Z. St. John. OF New York:
Resolved, That the existence oI the national
banks Is not dependent upon the national debt.
by Mr.. Carter, of Nebraska
Resolved, That the executive council he and =
hereby instructed 10 prepare bill cmbodyin such
amendments Ia the national hanking act m may
seem most desirable and cxpcdicnt, transmit n
copy thereof TO each member Of this nssociation,
with letter Inviting criticisms for consideration
by snld executive council. after which the bili
shall again be brought before sad council Tor con-
sdcmtion aud dual adoption; II shall then hc Pre-.
scntcd tn Congress, nnL q copy of the same mailed
tu each member ui this association, wilma request
To use their personal Influence with the mcmben OF
Jongp'Ss and United states senators from their re-
spcctiyo Statcs 10 secuu favorable action.
Resolved The executive council be, and here.
by Instructed 10 examine the banking legislation OF
cnch State aud Territory aud cndcavor, through tho
lienl mcmhcn o this association, 10 sccurc Uniform
bank legislation throughout the country.
Resolved, The executive council lie. and In
hervly authorized to employ such assistant as may
h. necessary Ia sccuw IN n legitimate manner tho
objects contemplated In the prcvious revolutions,
aud nrc hereby empowered tO levy from time 10
time upon the incmicn of this association assess
tpcnts sufficient to meet the expenses necessarily
| Incurred In carrying out thcsc instructions.
The nominating committee presented
! the following:
Prcsidcnt-John c. Murray, Of New York.
Firt tharlcs Parson, 81.
Louis.
Executive Council-Chairman, John ].
Knox, New York; Gen <. Cox, of New York;
Lyman j, Gage Chicago; Daniel Annano,
Cumberland, Md; James II, Bouve, boston,
! W. q. Dcshler Columbus, o.; T.. II. Jordan,
| Syracuse, n. Y: J. W. Lockwood, Richmond,
| Va; Augustus n. Moss Sandusky, o.; NJ. III.
Michael, Philadelphia; W. T. Nash, New
York; j. j. 4. Odcll, Chicago; W. II. Rah-
wan, Philadelphia; llocl II. Camp, Mllwau-
H.
| r. smith, Baltimore, Md; : n. Sneed, Hen
dcrson, Ky; W y. Schmcrtz, Pittsburr; Ed
mund Tyler Boston; A. W. Wymnn, Omaha;
W T. St John, New York.
The routine business having been disposed
/ ", papers were read by G.. y. Williams, ~
| Albany; Elliott v. shepard, oi New York.
Henry NJ knor, ot Minnesota H. u: VIII
son, of Ohio, and Deriah wilkins, oi Ohio.
A resolution oncr.d by Mr. Tayls, ol
Boston, IN support OF the proposissont
made by Mr.. Knot, recommending the
passage of n bill for the rcfmding of fonr
per cents. into two and half per cents
caused spirited discussion about tho
only one during the session. II was
finally tabled ~
The executive council presented n rceo-
luton iavoring thewashington centennial,
which was adopted.
The report ON silver, which had been
opposed early In the session and with
drawn, was again presented. The CON-
mittec said
"rhe American bankers association has
always taken the ground that both silver
aud gold are required NJ the money Of the
world, but that an internal agreement on
the part of a majority of the chief COM
mercial nations Of the world can practical
ly settle the question Of the relative
value Of gold and silver when
coined. Though several internal con-
fcrenccs have heretofore been held. no
conclusion has m yet been pached. Tho
report refers TO the action taken by foreign
powers and concludes with the rcem-
mcndation that the coinage OF silver doi-
lRr by the United States under the net of
Congress Of February, 1887, be rus-
pended until the points at issue
IL the silver question be sct-
tied by international agreement" Tho
rport ~ presented was adopted and
the convention adjourned finally. In tho
afternoon the delegates and other guests
participated In q river excursion by which
they had an opportunity u See
ing the Davis island dam, con-
siructcd by the government, as well
M all the immense manufacturing cstab-
lirhmcnts, including the Edgar Thomson
works located ON the banks Of the river.
Tomorrow an excursion by rail 20 other
leading interests will be- made, M well as to
the natural gas fields within twenty -fivo
miles Of the city. Thus far the session has
been one Of the most enjoyable and inter
csting ever held by the association, and tlio
visiting bankers arr loud In their praises
over the manner In which they have been
entertained.